New rules liquidating retirement

Retirement accounts were created to provide investment vehicles for individuals so that after they have stopped working, they could access their funds to cover expenses.

The service won’t offer advice of the sort that you’d get from a qualified financial adviser.

In principle, the new rules should allow you to build a retirement strategy that is bespoke to your needs, and financial advisers expect them to enable advanced tax-planning strategies, especially where inheritance is concerned.

Under the current rules, it’s difficult to pass unused money in your pension onto the next generation without incurring a lot of tax.

If you’ve started taking any benefits from your pension, or you’re over 75 when you die, then passing on your pot as a lump sum will incur a 55% tax charge.

From 6 April, however, this so-called ‘death tax’ will become a thing of the past.